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Possible deep cuts for bailout companies
By Lindsay Kukla
October 21, 2009 - 5:35pm
Highest paid executives may now face pay cuts up to 90 percent

The government bailouts of 2008 sparked controversy about executive salaries within the salvaged companies.  Now, the Obama administration will force the seven companies that received the most aid to slash compensation, an anonymous official said Wednesday.

The 25 highest paid executives will have their paychecks cut by about 90 percent, according to the official who spoke under anonymity because the decision has not yet been announced.

All other executives will receive a pay drop of about 50 percent,...